Atlas Resource Partners, L.P. (ARP) has filed for Chapter 11 bankruptcy, Wednesday, July 27, 2016, after negotiating a plan to eliminate $900 million of debt off its books which will reduce interest expenses by $80 million.
This restructuring will reduce the oil and gas producer’s debt, but could leave its investors with a hefty tax bill.
Atlas Resource Partners LP now joins dozens of oil and gas producers that have filed Chapter 11 after energy prices began declining in 2014. Like companies such as SandRidge Energy Inc. and Linn Energy LLC, Atlas is going in with a restructuring plan already worked out.
Since 2015, at least 85 North American oil and gas producers have gone bankrupt, involving approximately $61.2 billion in debt due to the plummeting prices of crude oil. Soreide Law Group continues to hear from a growing list of investors whose brokers recommended a high-concentration of risky oil and gas stocks for their conservative portfolios causing devastating losses to their portfolios. In many cases these portfolios were set up for retirement, which now leaves these investors looking at a possible change in their future lifestyle. With yet another energy company filing for Chapter 11, it leaves investors at the end of a very long creditor’s line.
If you’ve experienced losses due to your broker/financial advisor’s over-concentration of Atlas Resource Partners, LP (ARP) or any other energy-related stock, call Soreide Law Group for a free consultation with a lawyer regarding the possibility of recovering your losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency basis.
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